Headline

Fuel Subsidy Removal: FG, Labour Meeting Ends in Deadlock

Published

3 years ago

June 1, 2023

Eric

Talks between the Federal Government and organised labour over the removal of fuel subsidy ended in a deadlock on Wednesday as they failed to reach a consensus following the hike in petrol pump prices to over N700 from N195 per litre by oil marketers.

The hours-long meeting which was held at the Presidential Villa was to, among other things, prevent a labour crisis following the recent increase in the petrol pump price occasioned by the discontinuance of petroleum subsidy.

Earlier on Wednesday, the Nigerian National Petroleum Corporation Limited said it had adjusted the pump price of Premium Motor Spirit to reflect the market realities. The agency, however, failed to state the new prices of petrol.

However, several retails outlets sold the product between 600 and N800 in Lagos, Abuja , Ogun and some other states.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, pointed out that the hike in the cost of PMS would trigger galloping inflation in the country, stressing that some outlets in the South-East were currently dispensing the product at N1,200/l.

Ukadike stated, “Once NNPCL retail stations have adjusted their pumps to reflect the new price, there is nothing you can do about it; that is the new price. As I speak with you, all of them are now selling at the new prices. The situation is so bad, that somewhere in Ebonyi State our members informed us that it is now N1,200/litre.

“We thought the President would remove the subsidy through a seamless means because the source of this petrol is the NNPCL. They are the ones subsidising petroleum products, they are the people who use their revenue to subsidise this product.’’

The IPMAN spokesperson expressed worry over the rate of increase in inflation and hardship that would come as a result of the latest hike in petrol price.

“This hike in petrol price will definitely lead to galloping inflation and will worsen the hardship already being faced by the Nigerian masses. It is not something to cheer about. It came as a surprise and in the coming days, we will see the very harsh ripple effects,” he stated.

Meanwhile, Ukadike has called on the Federal Government and the NNPCL to give other marketers the opportunity to start importing petrol in order to create competition in the sector.

“The NNPCL is importing and has not given people the opportunity to join them in importing so as to see whether private sector operators can import the product cheaper or not. So there is no competition. In a deregulated regime, there must be competition, everyone with capacity should be allowed to import,” the IPMAN official stated.

When asked whether other marketers could resume imports since the government had finally deregulated petrol prices, Ukadike replied, “Marketers can import, but let me tell you some of the factors militating against this. The first is that there won’t be availability of dollars.

“You will source your dollar from the parallel market and if you are not careful in doing this, and you go into the importation of petroleum products, you might not ‘come out of it alive’ at the end of the day.

“So what we are saying is that those advantages that NNPCL has, should be shared with other major importers of petroleum products. If it is through crude buy-back, they should let us know so that independent players such as IPMAN members can come together and be able to use it in the buy-back model.’’

He added, “For independent marketers, the most important thing is that there should be availability of petroleum products, and the government should open up the space for importers and investors to come in.”

NNPCL, the sole importer of petrol into Nigeria for several years running, confirmed the hike in petrol price in a statement and a new pricing template released to marketers nationwide.

But the move has sparked a groundswell of anger across the nation with the Nigeria Labour Congress demanding an immediate reversal of the decision.

The union also said it would hold an emergency meeting on Friday on the fuel price increase which had triggered hoarding and scarcity across the country with attendant rise in transport fares, goods and services.

The fuel price hike by the oil firm is coming 72 hours after President Bola Tinubu declared in his inaugural address on Monday that the subsidy regime had ended.

To pacify the growing anger over the situation, the FG hastily summoned some labour leaders to a meeting at the Presidential Villa, Abuja, on Wednesday evening.

The meeting had in attendance the NLC President, Joe Ajaero and his Trade Union Congress counterpart, Festus Osifo, former NLC President and immediate past governor of Edo State, Adams Oshiomhole, Permanent Secretary, State House, Tijjani Umar, Head of Service of the Federation, Dr Folashade Yemi-Esan, Group Chief Executive Officer of the NNPCL, Mele Kyari, and others, however, ended in a deadlock as the labour and government teams failed to reach a consensus.

Speaking at the end of the meeting, Joe Ajaero, said “As far as labour is concerned, we didn’t have a consensus in this meeting.”

He faulted the NNPCL over an official release published hours earlier reviewing the petrol pump price in its filling stations nationwide.

He said the move puts the labour unions in a difficult position on the negational table.

“That’s the principle of negotiation. You don’t put the partner, ask them to negotiate under gunpoint. The prayer of the NLC is that we go back to the status quo, negotiate, think of alternatives and all the effects and how to manage the effects this action is going to have on the people. If it is an action that must take off.

“The subsidy provision has been made up to the end of June. And before then, conscious people, labour management, and the government should be able to think of what will happen at the end of June. You don’t start it before the time,” Ajaero said.

The Punch

Headline

Adenuga, Dangote, Otedola, Rabiu Make 2026 Forbes Africa Billionaires List

Published

2 hours ago

March 10, 2026

Eric

Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu have been named among Africa’s richest individuals in 2026.

According to the latest Africa Billionaires ranking released by Forbes, Dangote retained his position as Africa’s richest man, with an estimated net worth of $28.5 billion. He added about $4.6 billion to his fortune over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.

Telecommunications magnate Adenuga also retained his place among Africa’s billionaires.

The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs with diversified interests spanning telecoms, oil and gas, and banking.

Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight dip in his wealth over the past year. Forbes estimates that the billionaire investor lost about $200 million following the sale of a majority stake in the power generation company at a discount to its market price.

The increase in Rabiu’s net worth was largely driven by the performance of BUA Cement, whose shares rose 135% over the past year, outperforming the broader rally on the Nigerian stock market.

The 23 billionaires on the continent are now worth a combined $126.7 billion, representing a 21% increase from 2025 after they collectively added $20.3 billion to their net worth.

Across the continent, billionaire fortunes were boosted by strong equity market performance, record corporate profits, and improving currency stability in several African economies.

South Africa remains the highest number of billionaires on the list, with seven individuals, followed by Egypt with five, Nigeria with four, and Morocco with three.

No female billionaires from Africa appeared on the 2026 ranking list.

Headline

Israeli Ambassador Accuses Iran of Spreading Terror, Sponsoring Extremist Activities in Nigeria

Published

4 days ago

March 6, 2026

Eric

Israeli Ambassador to Nigeria, Michael Freeman, has accused Iran of sponsoring extremist activities in Nigeria and other parts of the world, alleging that Tehran supports groups aimed at destabilising countries while pursuing its hostility against Israel.

Freeman made the remarks on Friday while speaking during an interview on The Morning Show on Arise News.

The envoy claimed that Iran is the only country within the United Nations that openly expresses a desire to destroy another sovereign state, referring to repeated threats against Israel.

According to him, the Iranian government has, over several decades, supported militant groups and terror organisations around the world in pursuit of that objective.

Freeman alleged that Iran has backed groups such as Hamas and Hezbollah, adding that Tehran was also behind the October 7 attack carried out by Hamas against Israel.

He further claimed that Iranian activities aimed at spreading instability have been observed across several regions, including Europe, Australia, and parts of Africa.

Speaking specifically about Nigeria, the Israeli ambassador alleged that the Islamic Movement of Nigeria receives backing from the Iranian government.

According to Freeman, statements of support from Iran’s leadership, including posts by Ali Khamenei on social media, have openly indicated such ties.

He said: “The issue here is about Iran. Iran is the only country in the world, in the United Nations, who expressly desires to wipe another country off the face of the earth. Iran has stated its very policy is to destroy Israel. Is to wipe Israel off the map is to make sure they kill every single person and no regime, no country that has an express desire to destroy Israel, and it’s not only an expressed desire.

“We’ve seen over 47 years, they’ve taken all the actions they can in order for that to happen. We’ve seen them sponsor terror organizations. They were behind October the seventh massacre of Hamas. We’ve seen them sponsoring Hezbollah. We’ve seen them acting in Europe. We’ve seen them acting in Australia. We’ve seen them acting in Nigeria.

“We’ve seen these people acting all across the world in order to spread disturbance for them to try and carry out their aim of destroying Israel, and Israel will not allow another country to have nuclear weapons when they’ve expressly stated they want those weapons to destroy Israel”.

“I think that it is well documented. We know that there are certain movements, for example, the Islamic movement of Nigeria is sponsored and is backed by the Iranian regime. This is not me saying this, we’ve seen that documented by the Iranian regime.

The Supreme Leader posted on X his support and his backing there. So that’s very open. And there are other areas as well that Iran is working for, destabilizing, not only Nigeria, but all of West Africa.”

Headline

Why Nigerians Must Reject INEC’s Revised Timetable – ADC

Published

1 week ago

February 28, 2026

Eric

By Eric Elezuo

The Independent National Electoral Commission (INEC), during the week, released a fresh elections timetable, with major amendments to accommodate the just passed and signed Electoral Act 2026 by the National Assembly and President Bola Tinubu respectively.

Following the repeal of the Electoral Act, 2022 and the enactment of the Electoral Act, 2026, which introduced adjustments to statutory timelines governing pre-election and electoral activities, the Commission has reviewed and realigned the Schedule to ensure full compliance with the new legal framework.

Accordingly, the Commission has resolved as follows:

Presidential and National Assembly Elections will now hold on Saturday, 16th January 2027 as against the earlier stated February 20, 2027
Governorship and State Houses of Assembly Elections will now hold on Saturday, 6th February 2027 as against the former date of March 6, 2027

Also in accordance with the approved Schedule of Activities, the electoral bidy noted in the revised timetable that:

Conduct of Party Primaries, including resolution of disputes arising from primaries, will commence on 23rd April 2026 and end on 30th May 2026.

Presidential and National Assembly campaigns will commence on 19th August 2026.

Governorship and State Houses of Assembly campaigns will commence on 9th September 2026.

As provided by law, campaigns shall end 24 hours before Election Day. Political parties are strongly advised to adhere strictly to these timelines. The Commission will enforce compliance with the law.

But in a swift reaction, the opposition coalition, African Democratic Congress (ADC), rejected the revised 2026–2027 general election timetable, describing it as a politically biased schedule designed to favour the re-election agenda of President Bola Tinubu, and calling on all Nigerians to speak up enmasse to reject the revised timetable.

The ADC, in a statement by its National Publicity Secretary, Bolaji Abdullahi, on Friday argued that the new deadlines and compliance requirements under the Electoral Act 2026 create near-impossible hurdles for opposition parties seeking to field candidates.

On February 13, INEC initially scheduled the 2027 Presidential and National Assembly elections for February 20, 2027, while the Governorship and State Houses of Assembly elections were fixed for March 6, 2027.

The timetable, however, faced objections from some Muslim stakeholders who noted that the dates coincided with the 2027 Ramadan period.

Following the concerns, the National Assembly amended Clause 28 of the Electoral Act Amendment Bill, reducing the required election notice period from 360 to 300 days, allowing INEC to adjust the election dates.

Subsequently, INEC released a revised schedule on Thursday, signed by its Chairman, Joash Amupitan, moving the Presidential and National Assembly elections to January 16, 2027, and the Governorship and State Houses of Assembly elections to February 6, 2027.

Reacting, the ADC said the requirement that political parties submit a comprehensive digital membership register by April 2, 2026, effectively bars opposition parties from participating.

The party stated: “The African Democratic Congress rejects the updated 2026–2027 electoral timetable released by the Independent National Electoral Commission. What has been presented as a routine administrative schedule of the upcoming general elections is, in fact, a political instrument carefully structured to narrow democratic space and strengthen the incumbent administration ahead of the 2027 general elections.

“According to the timetable, party primaries are to be conducted between April 23 and May 30, 2026, just 55 to 92 days from today. However, more significant is that, pursuant to Section 77(4) of the Electoral Act 2026, political parties are required to submit their digital membership registers to INEC not later than April 2, 2026.

“That is only about 34 days away. Section 77(7) further provides that any party that fails to submit its membership register within the stipulated time shall not be eligible to field a candidate. These are not routine administrative rules but are deliberately constructed barriers designed to exclude the opposition from participating in the election.”

The party further noted that Section 77(2) of the Electoral Act 2026 requires the digital register of members to contain name, sex, date of birth, address, state, local government, ward, polling unit, National Identification Number (NIN) and photograph in both hard and soft copies, while Section 77(6) prohibits the use of any pre-existing register that does not contain the specified information. It warned that failure to meet these requirements would lead to disqualification.

The ADC questioned the fairness of the digital membership requirement, noting that the ruling All Progressives Congress began its registration process in February 2025, long before the requirement became mandatory.

“It is not a product of foresight but insider advantage. They knew what was coming. They therefore had one full year to carry out an exercise that other political parties are expected to complete in one month, during which they must collect, process, collate and transmit large volumes of digital data to INEC under the threat of exclusion. This is practically impossible.

“Democratic competition is based on a level playing field that does not give any contestant an undue advantage. A system where one party exploits incumbency to gain a one-year head start on a requirement that other parties only became aware of when it was nearly too late is a rigged system.”

The ADC said it has joined other opposition parties in rejecting the Electoral Act 2026, adding that the INEC timetable is equally rejected as it appears designed to serve what it described as a self-succession agenda.

“Let it be clear that ADC will not take any action that appears to confer legitimacy on a fraudulent system. We are reviewing our options and will make our position known in the coming days,” the party said.

The party also called on civil society organisations, democratic stakeholders and Nigerians to scrutinise the timetable and demand fairness, stressing that democracy cannot survive when electoral rules are structured to produce predetermined outcomes.

The party has consistently accused the Tinubu-led All Progressives Congress (APC) of scheming to silence the opposition as the 2027 General Elections draw closer, citing his manipulation of state governors and Assembly members from jumping ship, and settling with the ruling party.

Presently, the president’s party has a total of 31 out of 36 states governors, more than majority of the national and states Houses of Assembly.

A frontline publisher and chieftain of the ADC, Chief Dele Momodu, has warned that Tinubu is gradually transforming into full-blown dictatorship, stressing that his second term in office would turn state governors into ‘total slaves’.